Polin: Regulators should not use 'light touch' post-RDR

Ashcourt Rowan group chief executive Jonathan Polin says he will be disappointed if the FSA and Financial Conduct Authority take a light-touch approach to adviser firms who have to change their business model post-RDR.

Speaking at The Platforum annual conference in London last week, Polin (pictured) said Ashcourt has worked hard over the last 12 months to ensure it is RDR ready and other firms should have done the same.

Polin said: “I have seen suggestions that the regulator will take a light-touch approach to firms who do not get their business model right the first time. I have to say I will be very disappointed if this is the case because at Ashcourt Rowan we have worked very hard over the last year to make sure we will be ready.”

In an interview with Money Marketing last week, FSA technical specialist Rory Percival said the regulator would take a zero-tolerance approach to adviser qualifications, but will have a softer stance on firms that take time to get their business models right.

Percival said: “We will be more flexible in terms of how firms set their charges. That is something which could take a couple of attempts to get right, although we will take action if there is consumer detriment.”